The Swiss Federal Department for Economic Affairs, Education and Research (EAER), which is responsible for national sanctions, has expanded the lists of individuals and entities subject to sanctions. This means that Switzerland has adopted the amendments introduced by the European Union as part of the 18th package of sanctions. These measures will come into effect on August 12.
As a result of these sanctions, 14 individuals and 41 entities are now subject to asset freezes and bans on providing financial support in Switzerland, as well as entry and transit through Swiss territory. The new individuals and entities subject to sanctions include Russian and international companies operating vessels in the so-called “shadow fleet,” crude oil traders, and suppliers to the Russian military-industrial complex, including those from third countries.
Furthermore, another 105 vessels from foreign countries are now subject to a complete ban on the acquisition, sale, and provision of services. These vessels primarily consist of tankers that are part of Russia’s so-called “shadow fleet,” which evades the price cap on Russian oil and petroleum products or transports military cargo for Russia.
Switzerland also reduced the price cap on Russian oil to $47.6 per barrel, in line with the EU sanctions.
On July 15, Switzerland also implemented additional sanctions against Moldova, and on July 18, against Belarus.
